You Just Got Admitted to Business School. Now What?

Getting into business school is a call for celebration. But applicants should be aware of what things need to be done once they’re admitted.

Stacy Blackman, founder of Stacy Blackman Consulting, recently highlighted crucial steps every admitted MBA student should take once they get their acceptance decision.

GIVE YOUR EMPLOYER PROPER NOTICE

If your employer is sponsoring your MBA education or is aware of your decision to attend B-school, there’s not much left for you to do. If they aren’t aware, however, it’s important to give proper notice about your plans.

“You should explain your reasons, give plenty of notice, and offer to help train your replacement if applicable,” Blackman says. “Make every possible effort to leave on good terms to keep this part of your professional network intact.”

START BUDGETING

B-school is expensive. In fact, the average total cost to get an MBA from a top-25 school is a whopping $199,544. Setting a realistic budget and getting your finances in order before B-school can help ease some of the anxiety around cost.

“Avoid credit card debt, and save, save, save as much as you can before school starts. Forgo unnecessary purchases, and try to live slightly below your means,” Blackman says. “Remember, your projected budget should factor in expenses beyond tuition and living costs. Travel, student clubs, and study abroad trips greatly enrich the b-school experience.” 

ARRANGE FOR HOUSING

Now is also a good time to start making housing arrangements as options will become more limited as the school year kicks off.

“Prospective students can visit apartments and houses in their new city during Welcome Weekend,” Blackman says. “But start the process early. Schools have strict deadlines for campus housing. Make sure to find out those important dates early on if you prefer to live on campus.”

Sources: Stacy Blackman Consulting, P&Q